MANILA, Philippines - The Securities and Exchange Commission (SEC) has granted Puregold Price Club Inc. of retail tycoon Lucio Co approval to fold in the operations of the Eunilane and Grocer E Supermart chains.
“The company received a certificate of filing of articles and plan of merger between Puregold Price Club Inc. and Company E Corp. duly issued by the Securities and Exchange Commission on March 17, 2015,” Puregold said in a disclosure to the local bourse yesterday.
“Company E Corp., will be dissolved and merged to the surviving corporation, Puregold Price Club Inc. Further, all assets and liabilities of Company E Corp. will be transferred to and absorbed by Puregold Price Club Inc.,” Puregold said.
Puregold in January 2013 acquired several operating Eunilane foodmarts and Grocer E supermarts from Company E Corp.
Company E operates supermarkets in seven areas within Metro Manila, six in Rizal, and two in Cavite.
Puregold said the acquisition is seen to grow its end-consumer costumer base in the C and D income bracket, while strengthening Puregold’s presence in Quezon City, Marikina City and Rizal province.
Core profit the company reached a record high last year, growing 18 percent year-on-year to P4.52 billion as consumers continued to flock to the over 200 Puregold stores nationwide.